Cathie Wood, CEO of global investment giant ARK Invest, Bitcoin (BTC) and cryptocurrency He thinks it could reach a value of a quarter quadrillion within seven, as adoption in the market increases.
He expressed his views on the ‘Squawk Box’ program broadcast on CNBC. Cathie Woodshared many different details, especially the spot Bitcoin ETF. Wood said he expects it to be worth $25 trillion by 2030.
According to Wood, traditional markets are on what Larry Fink calls a “flight to quality” or, as ARK Invest puts it, a “flight to safety.”BitcoinIt is witnessing a flight towards the cryptocurrency space as it has “no counterparty risk” and shows strength against the banking industry.
Look at what happened during the regional banking crisis. Bitcoin rose from $19,000 to nearly $30,000 while the KRE, the regional bank index, crashed. If you look at the bank stock index today, it’s back to somewhere near where it was in March.
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As Wood notes, Bitcoin’s success will continue because “most people continue to accept that BTC is a currency revolution. “This is the first global, private—that is, non-government-controlled, digital, rules-based monetary system in history.”